Business
Heletz Field Operations Updat
Heletz Field Operations Updat.
About this update from Tomco Energy Plc
[{"type":"text","content":"\n RNS Number : 2559Z TomCo Energy PLC 17 July 2008 \n \nTomCo Energy Plc\n('TomCo' or the 'Company')\n\nHeletz Field Operations Update\n\n\nTomCo (AIM:TOM) is pleased to provide the following activity update on its jointly held Heletz-Kokhav-Brur and Iris licenses in southern Israel.\n\nProduction: Oil production has been underway on the Heletz-Kokhav-Brur license, in which TomCo has a 50% interest, since 11 June 2008 when the first well in the field was re-opened after 9 months shut-in. Two wells, H-1 and K-29 are now on production and have increased to an aggregate rate of around 60 barrels of oil per day ('bopd') (30 bopd net to TomCo); a third well, K-27, is currently being pumped out and has started to produce some oil, and three further wells (H-25, H-37 and K-24) are subject to various ongoing mechanical repairs including the installation of a pump in one case. It is expected that all six wells will be back on production over the next few weeks. Over 1,300 barrels of oil have been produced since 11 June 2008.\n\nProcess and Separation: New configuration of the separation equipment in the field has resulted in a significant reduction in the bottom sediment & water content of the oil to around 2% - much lower than that achieved under previous operators. New equipment is being sourced which it is hoped will bring this down further, to the benefit of the price received for the oil.\n\nTransport and Sales: An agreement has been reached with PAZ Oil Company Ltd, operator of the nearby Ashdod refinery, to purchase Heletz oil shipments and sales will commence shortly.\n\nWorkover plans: Lapidoth Oil, operator of the second license in the field (Iris), where TomCo has a 25% working interest, has identified 6 potential workover candidate wells, each of which could result in 10-20 bopd of new production. These proposals are being evaluated, but subject to an acceptable technical case some of this work could be initiated within the next few months. Evaluations for workovers on the Heletz-Kokav-Brur license are also ongoing. Proposals for new infill wells on both licenses are also being considered, but will be delayed pending the completion of current ...